“I
applaud my former colleagues in Congress for coming together to pass the
most significant financial reform legislation in recent history. This new law
will improve consumers’ access to credit, reduce regulatory burdens on credit
unions and community banks, and fuel economic growth and job creation across
the nation.

“As
Acting Director of the Bureau of Consumer Financial Protection, I am pleased to
see the long-overdue reforms to the regulations governing mortgage lending.
These changes will allow community banks and credit unions to focus on making
prudent loans to prospective homebuyers without being tied up in expensive and
excessive red tape. I stand ready to work with Congress and the rest of the
Administration to implement these new reforms that will promote a brighter,
more prosperous future.”

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The Bureau of Consumer Financial Protection
is a 21st century agency that helps consumer finance markets work by regularly
identifying and addressing outdated, unnecessary, or unduly burdensome
regulations, by making rules more effective, by consistently enforcing federal
consumer financial law, and by empowering consumers to take more control over
their economic lives. For more information, visit consumerfinance.gov.